Sika AG said that net profit rose in the first nine months of the year, led by stronger sales, said the company.
The Swiss specialty-chemicals company posted net profit of 885.9 million Swiss francs ($883.1 million), up 16% compared with the same period a year earlier.
Net sales was CHF8.00 billion, compared with CHF6.86 billion last year, leading Sika to increase its full-year sales guidance.
For the fiscal year, the company says it now expects sales in local currencies to increase by over 15%. It had previously guided for an over-10% increase in sales.
Sika continues to expect an "over-proportional" increase in earnings before interest and taxes in 2022, the company said.
"It is our goal to reach sales of CHF10 billion for the first time in 2022 and to increase our operating profit by an over-proportional amount," says Sika Chief Executive Officer Thomas Hasler in a release.
We remind, Sika has begun the process of looking for “a competent buyer” for part of the MBCC admixture business it is acquiring. Closing of the MBCC acquisition has been delayed until H1 2023 to allow for an in-depth examination by UK regulator, the Competition and Markets Authority (CMA) which is concerned about its impact on the UK's chemical admixtures market. Chemical admixtures are an essential input for concrete and cement used in the construction industry.
mrchub.com